Nigeria’s equity market lost ₦468.63 billion in market value on Tuesday as profit-taking and selling pressure across banking, industrial and consumer goods stocks pushed the market lower.
Market capitalisation fell from ₦163.99 trillion on Monday to ₦163.53 trillion, while the NGX All-Share Index dropped 721.91 points, or 0.29 percent, to close at 251,913.20 points.
Trading activity also weakened during the session. About 549 million shares were traded, down 46.43 percent from the previous session, while the value of transactions fell 13.40 percent to ₦34.39 billion.
The banking sector recorded significant selling pressure, with several major lenders posting losses. The weakness in banking stocks contributed to the decline in the broader market.
Industrial stocks also came under pressure, with BUA Cement falling 3.10 percent to ₦287.80. Consumer goods companies recorded losses as well, with Unilever Nigeria declining 8.55 percent to ₦100.50.
Sovereign Trust Insurance recorded the biggest decline, falling 9.92 percent to ₦2.36, while Neimeth International Pharmaceuticals dropped 6.02 percent to ₦7.80.
The market recorded 37 decliners against 30 gainers, leaving market breadth negative during the session.
Despite the day’s decline, the NGX All-Share Index remained substantially higher on a year-to-date basis, with the index up 61.88 percent as of September 29.
The session’s performance reflects increased profit-taking after the market’s recent gains, with investors reducing positions in several heavyweight stocks and putting pressure on overall valuations.
